This makes him one of the most expensive defenders in history and new manager Pep Guardiola's sixth signing since he joined City this summer.

It had previously been reported that Everton wanted £50 million for Stones, but City was only keen on the transfer if it could get the price down. The fee could reportedly rise to £50 million as a result of add-ons to the deal.

Stones said in a statement posted on City's website after the signing was announced:

"I've obviously seen what's going on here at the Etihad, it's an ambitious Club with a great manager so I can't wait to get stuck in and help achieve the goals. I know it will be tough getting a place in this team but I'm determined to become the best player I can be and help us to success. I had a wonderful time with Everton and wish them and their fans all the best but now I'll give my all for City."

Stones, who also plays for England, had been in major demand for over a year. Chelsea made as many as four bids for him last season — all of which Everton turned down. But Guardiola made nabbing Stones a priority to strengthen City's defence, and Everton could no longer justify keeping him with such a large amount of money on offer.